FASB ASC 842 & “Month-to-Month Leases” Determination of Lease Term

With respect to leases, the term “month-to-month” is often casually used to describe the duration of the lease. With the adoption of FASB Accounting Standards Codification (FASB ASC 842), we have found that the informal use of the term “month-to-month” can cause confusion when tasked with making a technical determination of lease term as defined in FASB ASC 842. Many private companies also are considering how to arrange common control leases in light of FASB’s current project with some attempting